CFPB Monitor

APRIL 1, 2021

In what could be an important step towards needed regulatory updating to accommodate the growing use of artificial intelligence (AI) by financial institutions, the CFPB, FDIC, OCC, Federal Reserve Board, and NCUA issued a request for information (RFI) regarding financial institutions’ use of AI, including machine learning (ML). Fair lending.

Risk Management 78

Risk Management Training Lending FDIC 78

CFPB Monitor

JULY 6, 2022

The small number of active rulemakings listed on the Spring 2022 agenda, coupled with the absence of any long-term actions, appears to lend strong support to the view of many observers that Director Chopra intends to use supervision and enforcement as the primary vehicles for furthering his priorities rather than rulemaking. .

Lending 78

Lending Regulation FDIC Data 78

Abrigo

NOVEMBER 9, 2022

Compare this to Abrigo’s 2019 CECL Survey responses, when no banks or credit unions had completed adoption, and less than 7% of all institutions were running parallel allowances. Use a software tool [and] ensure your auditors and regulators are in the loop on progress.” CECL Regulation. Lending & Credit Risk.

Survey 195

Survey Software Resources Meeting 195

CFPB Monitor

OCTOBER 6, 2022

In 2019, California enacted AB 539 which, effective January 1, 2020, limited the interest rate that can be charged on loans less than $10,000 but more than $2,500 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate. Rather, the focus here is on the identity of the lender in the primary market.

California 78

California FDIC Analysis Utah 78

PYMNTS

OCTOBER 30, 2019

. “While adoption for consumer accounts is enhanced through regulatory drivers, adoption for business accounts is based on market interest,” she stated in her presentation at the Association for Financial Professionals’ AFP 2019 event. Open Banking Targets Corporates.

Lending 102

Lending Fintech America Data 102

CFPB Monitor

DECEMBER 14, 2021

The Bureau is participating in interagency rulemaking with the Federal Reserve, OCC, FDIC, NCUA and FHFA to develop regulations to implement the amendments made by the Dodd-Frank Act to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) concerning appraisals. Property Assessed Clean Energy Financing.

Lending 78

Lending FDIC Regulation Data 78

CFPB Monitor

MAY 29, 2019

In addition, it directed the GAO to review the implementation of the amendment. (In February 2019, the FDIC and Federal Reserve Board issued a joint advisory to make financial institutions aware of the provisions in the Economic Growth Act dealing with loan rehabilitation programs.).

Report 60

Report FDIC Regulation Industry 60

Abrigo

JANUARY 29, 2020

Key Takeaways The FDIC issued an advisory to FIs encouraging safe and sound lending practices in today's ag lending environment. FDIC) issued an advisory to financial institutions encouraging exceptionally safe and sound lending practices in agricultural lending. The current state of ag borrowing.

Lending 195

Lending How To FDIC Survey 195

CB Insights

DECEMBER 4, 2019

Through trial and error, the company has set up key financial pillars across payments, cash deposits, and lending. In March 2019, Amazon announced an integration with Worldpay , which serves as a back-end intermediary between banks and credit card companies and is one of the largest payment processors in the world. Closing thoughts.

Cards 101

Cards Lending Strategy US 101

CFPB Monitor

MAY 7, 2020

The CFPB’s annual fair lending report covering its 2019 activities is scheduled to be published in tomorrow’s Federal Register. The Bureau states that an area of innovation that it is monitoring for fair lending and credit access issues is “artificial intelligence (AI), and more specifically, machine learning (ML), a subset of AI.”

Lending 78

Lending Report FDIC Policies 78

CFPB Monitor

JULY 1, 2020

The agencies are the Comptroller of the Currency, Farm Credit Administration, FDIC, Federal Reserve Board, and National Credit Union Administration. Recently federal agencies proposed revisions to the Interagency Questions and Answers Regarding Flood Insurance.

Policies 60

Policies Security FDIC National 60

Abrigo

SEPTEMBER 14, 2022

Financial institutions, fintech companies, and other small business lenders will need to begin collecting a wide array of small business lending data under the Consumer Financial Protection Board’s (CFPB) proposed small business lending data collection rule. Those implementing regulations were coming. Controversial Provisions.

Lending 195

Lending Data Regulation Community 195

CFPB Monitor

MAY 22, 2020

The Federal Reserve, OCC, FDIC, and NCUA have issued “ Interagency Lending Principles for Offering Responsible Small-Dollar Loans.” In that statement, the agencies indicated that they were “working on future guidance and lending principles for responsible small-dollar loans.”.

FDIC 78

FDIC Policies Lending Guidelines 78

CFPB Monitor

DECEMBER 15, 2020

Other items listed in the agenda on which the CFPB expects to take action before the end of this year and next year include: Business Lending Data (Regulation B). In March 2019, the CFPB issued an Advance Notice of Proposed Rulemaking to extend Truth in Lending Act ability-to-repay requirements to PACE transactions.

Policies 78

Policies Regulation Data Lending 78

CFPB Monitor

DECEMBER 5, 2019

The OCC, Federal Reserve Board, FDIC, NCUA and CFPB have issued an “ Interagency Statement on the Use of Alternative Data in Credit Underwriting.”. Our weekly podcasts include an episode released in June 2019 titled, “Using artificial intelligence for consumer finance: a look at the opportunities and challenges.”

Data 97

Data FDIC Compliance Analysis 97

CFPB Monitor

JUNE 15, 2021

In June 2020, the CFPB proposed amendments to Regulation Z to address the discontinuation of the London Inter-Bank Offered Rate (LIBOR) that is currently used by many creditors as the index for calculating the interest rate on credit cards and other variable-rate consumer credit products. Mortgage Servicing COVID-19 Relief.

Regulation 78

Regulation FDIC Lending Data 78

CFPB Monitor

JUNE 17, 2019

The Fed, together with the OCC and FDIC, are the primary CRA regulators, and each agency has adopted regulations to implement the CRA. banking industry since the CRA’s enactment. Participant feedback received at the roundtables included the following: Assessment areas.

Report 60

Report Community Regulation Groups 60

CFPB Monitor

JUNE 15, 2022

Four Democratic members of the California state legislature recently sent a letter to the Federal Deposit Insurance Corporation (FDIC) urging the agency to take action against FDIC-supervised banks that partner with non-bank lenders to originate high-cost installment loans.

FDIC 78

FDIC California West Virginia North Carolina 78

Abrigo

JULY 22, 2022

Cryptocurrency regulation is on the horizon The ups and downs of the cryptocurrency scene have illuminated a need for guidance for traditional financial institutions. Takeaway 2 While these financial products are appealing, the lack of stability and consumer protections surrounding them are a concern for the FDIC. ? .

cryptocurrency 195

cryptocurrency FDIC Regulation Fraud 195

CFPB Monitor

JANUARY 28, 2021

The OCC’s recent proposed rule that seeks public comment on evaluation measure benchmarks, retail lending distribution test thresholds, and community development minimums under the new general performance standards – which is more fully explained below – also must be finalized before the OCC can fully implement the CRA final rule.

FDIC 131

FDIC Community Lending Survey 131

CFPB Monitor

JULY 6, 2020

The Bureau issued a proposed debt collection rule in May 2019. The new agenda provides outdated information regarding when the Bureau can be expected to finalize its February 2019 proposal to rescind the ability to repay provisions of its final payday/auto title/high-rate installment loan rule.

Regulation 78

Regulation Policies FDIC Lending 78